Suppose you are looking for future business ideas for healthcare. In that case, you should know there are numerous ways to make money in the healthcare industry. You don’t even have to own a hospital or clinic, and you certainly don’t have to manufacture medicine.
Healthcare offers a wide range of unique business opportunities, from medical equipment to services. The Bureau of Labor Statistics projects 18 percent employment growth for healthcare-related occupations by 2026. Nearly half of the top 20 fastest-growing occupations are related to healthcare.
Industry Innovation: The Impact of COVID-19
In recent years, technology has become a crucial part of healthcare. Discoveries in medical science are made every day. As new technologies emerge, they are adding previously unheard-of capabilities to the medical field. These new technologies deliver deep insight for doctors and better treatment outcomes for patients.
So far this year, the healthcare industry has played an active role in creating innovation. The industry is pushing the boundaries of the business, including healthcare, technology, science, and medical services. While the pandemic has significantly burdened healthcare systems worldwide, it is essential to recognize that the industry’s response has demonstrated its ability to address these challenges swiftly.
From business models to products, healthcare providers found new ways to innovate for the better during the pandemic. For example, in the United States, Zipline believes that reliable logistics are critical for improving health outcomes. Hence, they collaborated with Novant Health in North Carolina to deliver medical supplies with a drone’s speed and precision.
There are healthcare businesses that you can start if you wish to delve into the world of medicine and the healthcare industry. Here are six models you can apply for your business:
1. Telemedicine
Modern healthcare has changed the way physicians treat patients. Doctors today can treat patients using telemedicine, connecting them to physicians using secure telecommunications technology.
Telemedicine allows medical practitioners to connect with patients via the internet remotely. Physicians can diagnose and treat patients, so they no longer need to commute to hospitals for treatment. Online platforms and telemedicine technologies have made keeping non-critical patients out of hospitals and doctors’ offices much easier.
2. Rehabilitation Center
Rehabilitation offers a wide range of services for people, no matter the age or level of ability, who require support in managing their physical, psychological, and social well-being. It helps people to adapt to and thrive after illness, injury, or disability.
Rehabilitation includes helping a person restore their function after injuries. Some examples of these therapies are physical, occupational, and speech therapy.
Physical therapy helps and supports patients who need to improve their walking, coordination, and mobility. Occupational therapy aids people with disabilities in participating in daily activities. In contrast, speech therapy assists people in overcoming their cognitive, language, or physical difficulties.
3. Childbirth Services
A birth center is a diagnostic and treatment center organized to provide care to patients during pregnancy, labor, and delivery. It is a healthcare facility for childbirth. It can offer the patient comforts of home during pregnancy through personalized care.
Hospitals are a good option for childbirth services, but some women prefer a quieter, more nurturing atmosphere. Birth centers offer a warm and welcoming refuge where the focus is on the patient. It should be a more relaxing experience than in a hospital setting since there are no hurried trips to the room after the birth, doctors or nurses rushing in to deliver the baby, and then whisking the mother off into an adjoining room.
4. Medical Billing Service
Medical billing is concerned with submitting and monitoring healthcare claims with insurance companies for reimbursement. The practice of medical billers is to prepare invoices, educate patients and healthcare providers, and follow up on claims.
Suppose your chosen business is a medical billing and coding service. In that case, your job is to submit the necessary bills for reimbursement after you process claims for patient treatments. The process of preparing the invoice works as a backup for the medical provider. They can verify and submit their claim separately to receive payment.
5. Clinical Research Facilities
Clinical research is a type of medical research that involves people. It includes two fields, namely observational studies and clinical trials. Researchers can select subjects based on specific characteristics like age, gender, or disease status in observational studies. They will follow the subjects for months or years and record whatever they observe during routine visits.
With clinical trials, research studies are done on people. These studies test the safety and effectiveness of medical, surgical, or behavioral interventions. An example would be Non-alcoholic Steatohepatitis (NASH) clinical trials which studies a new drug to cure this non-alcoholic fatty liver disease.
6. Medical Supplies Sales
Medical equipment sales is an excellent option to consider. Millions of dollars in medical equipment get sold each year. Most medical supplies are either bought or rented from companies that specialize in a particular type of equipment. Some examples are surgical tables, hospital machinery, and bedpans.
Establish your own physical or online store that can sell medical supplies to customers. Another way to sell can be to represent manufacturers as independent sales consultant that reaches out to hospitals, clinics, and medical centers and market the products.
Since the health industry continuously grows as a business, it might be a great time to be in the healthcare industry. Being in it will provide opportunities for entrepreneurs, investors, and healthcare business aspirants. Listed above are just some businesses that you can venture into. Make a business plan and figure out which fits best for you.